Synchronoss Technologies, Inc. Reports Inducement Grant to Employee Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

On June 7, 2024, Synchronoss Technologies (Nasdaq: SNCR) announced the issuance of a restricted stock and stock option award to a new employee, the Japan Country Manager. This inducement award, approved by the Compensation Committee of the Board of Directors, involves 15,000 time-based restricted stock awards and 5,000 time-based stock option awards granted under the Company's 2017 New Hire Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4). Both the restricted stock and stock options will vest in three equal installments on the first, second, and third anniversary of the grant date, contingent on continuous service.

Positive

• Inducement grant aligns employee's interest with company performance.
• The new hire is a strategic appointment, boosting the company's presence in Japan.

Negative

• The issuance of new stock could lead to minor shareholder dilution.
• Ongoing commitment to stock-based compensation may impact financials.

BRIDGEWATER, N.J., June 07, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in Personal Cloud platforms, today announced that the Company issued a restricted stock and stock option award to one newly hired employee. This grant was an inducement award that was approved by the Compensation Committee of Synchronoss’ Board of Directors, and granted as an inducement equity award under the Company’s 2017 New Hire Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

Synchronoss granted the newly hired Japan Country Manager an aggregate of 15,000 time-based restricted stock awards. The shares of restricted stock will vest 1/3rd on the first, second, and third anniversary of the grant date, subject to continuous service after the first and second vesting. In addition, the employee received an aggregate of 5,000 time-based stock option awards. The Stock Options will vest 1/3rd on the first, second, and third anniversary of the grant date and become exercisable subject to continuous service thereafter.

About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Tom Colton and Alec Wilson
Gateway Group, Inc.
SNCR@gateway-grp.com

FAQ

What was the recent announcement from Synchronoss Technologies?

On June 7, 2024, Synchronoss Technologies announced the issuance of a restricted stock and stock option award to a newly hired Japan Country Manager.

What are the details of the stock awards granted by Synchronoss Technologies?

Synchronoss granted 15,000 time-based restricted stock awards and 5,000 time-based stock option awards, which will vest in three equal installments on the first, second, and third anniversary of the grant date.

Why did Synchronoss Technologies issue these stock awards?

The stock awards were issued as an inducement equity award under the Company's 2017 New Hire Equity Incentive Plan in accordance with Nasdaq Listing Rule 5635(c)(4).

How does the vesting schedule work for the stock awards granted by Synchronoss Technologies?

Both the restricted stock and stock options will vest 1/3rd on the first, second, and third anniversary of the grant date, subject to continuous service.